View more on these topics

Lloyds TSB wins by head in the popularity stakes

Lloyds TSB is the most popular bank in the UK due to its flexibility on customers&#39 financial needs, according to research by ICM for software services provider CMG.

The survey, which interviewed over 1,000 adults across the UK, shows 18 per cent of people think Lloyds TSB has the best image although the big four banks&#39 scores were all very close, indicating that consumers have difficulty in distinguishing between banks.

Barclays Bank was most popular with the 18 to25 age group, while smaller players such as Halifax and Co-op languished at the bottom, with only 2 per cent of support between them.

Abbey National received a low overall score but led the field in awareness of technological innovation, with 40 per cent of users choosing it for its accessibility over the phone, internet and other channels.

CMG national director for finance Jane Tweddle says: “The fact that Lloyds topped the league at 18 per cent, but was very closely followed by HSBC and NatWest at 15 per cent, shows that banks are struggling to find a way to differentiate themselves. Consumers evidently have difficulty pinpointing if or why their bank is the best.

“With supermarkets, internet sites and even telecoms companies becoming banks, the competition is hotting up and high-street banks need to work harder than ever to make themselves stand out.”

Recommended

Massive commission overhaul planned

IFAs will only be able to describe themselves as independent if they operate a new system of payment designed to prevent commission bias. Independent advisers will have to use what the FSA is describing as a “defined payment” system.The regulator says this requires an upfront agreement between the customer and the IFA which defines in […]

NDF goes for top 10

NDF Administration has introduced the NDF higher income & growth plan, a guaranteed equity bond that is linked to the 10 largest stocks on the FTSE 100 index over a five year term. These include companies such as Barclays, HSBC, Shell and Vodafone. Investors can choose annual income of 9 per cent, monthly income of […]

Hargreaves&#39 Dampier defends polarisation

Investment IFA Hargreaves Lansdown has issued a detailed criticism of the regulator&#39s proposals for the abolition of polarisation saying the proposed system is nothing but one big loophole.The IFA believes that the current system is working on the whole. Head of research Mark Dampier points out that most of the problems, in particular Equitable, have […]

UK chief leaves Gartmore

Gartmore head of UK retail Michael Wrobel has left the firm as part of a top-level management restructure.Wrobel, who had been at Gartmore for seven years, will be replaced by NatWest Private Banking managing director Paul Feeney. Before working at NatWest, Feeney was global marketing director for the Coutts Group.Gartmore has appointed two more directors […]

Key themes for 2017

Capital Market Notes, December 2016 Dave Lafferty, chief market strategist at Natixis Global Asset Management, assesses the accuracy of his 2016 outlook and provides his thoughts and outlook for 2017. Click here to read the full article

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com